Read our midweek social media roundup covering business schools and their responses to the coronavirus pandemic
Read our May 18 coronavirus roundup, as we calculate the average MBA salary in the USA
Leading virtual teams is an increasingly important, but tricky, skill. Here are five tips for making the most of a remote team
Read our May 15 coronavirus roundup, as Stanford GSB professor Matt Abrahams shares his presentation tips for your next Zoom meeting
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Coronavirus To Reduce Average MBA Salary By 30%
May 18 Roundup
Average MBA Salary To Fall Due To COVID-19
What is the average salary for an MBA graduate in the USA? According to US News, the average starting salary for MBA grads last year was $107k. However, MBA salary prospects in 2020 look a little less rosy.
The predicted average MBA salary for this year’s graduating class is $79k, according to the National Association of Colleges and Employers—that’s over 30% less.
Doing an MBA this year can still pay off long-term. In fact, starting salaries for MBA holders may be more than $20k higher than for people with bachelor’s degrees in business. MBA salaries also vary by business school and the industry you’re working in.
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5 tips for leading teams on Zoom
In the midst of coronavirus, more people are working from home than ever before. Here’s five tips for leading teams in a virtual environment.
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5 Tips For Leading Virtual Teams
Working in virtual environments has been on the rise for years. According to a 2018 survey by the International Workplace Group (IWG), 75% of employees worldwide perceive remote working to be the “new normal.”
Now, in the midst of coronavirus, more people are working from home than ever before.
“What’s different right now is how suddenly face-to-face teams have been told to shift to a virtual context,” notes Eva Freedman, Adjunct Faculty at the Australian Graduate School of Management (AGSM) at the UNSW Business School in Sydney, and Managing Director at Change Management Consultancy, The Good Change Company.
The “Leading Virtual Teams” course explores how managers can adapt their leadership styles to a virtual environment, handle challenging conversations remotely, and build a culture of trust.
To find out what managers can do to ease the transition to virtual working, we caught up with Eva and two of her colleagues: Professor Frederik Anseel, Associate Dean of Research for UNSW Business School and Dr. Christopher Bell, Director of Sanciolo-Bell Group, and Adjunct Faculty member at AGSM.
Here are their top five tips for leading virtual teams:
1. Pin down your team’s purpose
Articulating the purpose of your team builds a sense of belonging and efficacy © Rostislav_Sedlacek via iStock
For Christopher, defining a team’s purpose is one of the most important things you can do when leading remotely. This means setting clear goals and explaining how they connect with the organization’s overarching mission.
“What binds a team is its sense of a common purpose,” he explains. “If individuals are clear on their purpose, there’s a much higher chance of individual and team commitment.”
Ensuring that your team’s contribution is recognized is another important element, Frederik adds.
“In a virtual environment especially, leaders need to be an ambassador to make everyone’s work visible,” he notes.
2. Building trust
Once you have established your team’s purpose, building trust is essential. But this can be tricky without sharing a physical space. Building trust requires open communication and consistency, Frederik explains.
“Trust is also built through recognizing the team, and being transparent when you’re delivering feedback,” adds Eva.
This recognition will build your team’s confidence in themselves, which will also add to and build trust within your team.
“You need to help individuals build a high degree of self-efficacy and confidence in their own ability to deliver to a set timeframe or a common goal,” Christopher says.
3. Be mindful of different home situations
Leaders must be mindful of home and family obligations when their team works from home © monkeybusinessimages via iStock
Teams consist of individuals, and virtual teams are no different. When your team works from home, you should be even more mindful of their differing situations.
In the office, Frederik notes, workers have access to the same resources, and tend to behave in similar ways. At home, however, environments can vary greatly.
“The challenge for leaders is not to make assumptions, and try to understand how each individual works,” says Frederik.
This flexible leadership style is emphasized on AGSM’s Leading Virtual Teams course, Christopher notes.
“We’re using the lens of adaptive leadership, and there are two levels of adaptation required. You need to adapt to the new world, and help your team adapt,” he says.
Because the course is designed to fit with professionals’ working schedules, they will be able to apply these leadership insights right away.
After completing the webinar component of the program, students can follow up with each other to discuss how they applied the course material to their work, and what were the outcomes.
4. Assess your strengths and weaknesses
In a virtual environment, Frederik explains, it is much more difficult to hide your weaknesses as a leader, and they can soon become amplified.
“If you’re very directive or authoritative, for example, the effects of this will become much clearer online than in-person,” he explains. “Or if you’re a bit chaotic, this is also amplified when you lead online.”
To overcome these tendencies, leaders must challenge themselves to work on their areas of weakness, and apply a more well-rounded leadership style to their virtual teams.
This requires a lot of self-awareness, and the ability to evolve your leadership style.
5. Always consider the future
As the workplace continues to evolve, working toward a shared vision can improve your team’s confidence in the future.
“Creating this future-focused perspective is very important,” says Frederik. “Otherwise you get a defensive team who feel they need to survive week to week, and find things challenging right now.”
In the future, Frederik, Christopher, and Eva all predict that remote working will retain its importance—balanced with face-to-face interactions.
The increased desire for flexible working arrangements will be a bonus for women, since they still take on the majority of childcare and household responsibilities, according to a recent survey by parenting site Netmums.
Greater flexibility in the workplace for both partners could make splitting care easier.
“Professional women in particular, have been asking for flexible working arrangements for a long time, and now they’re proving they’re still getting the job done and making it work,” Eva reflects.
With this blend of face-to-face and virtual environment, today’s leaders need to be more adaptable than ever.
Stanford GSB Lecturer Shares Zoom Presentation Tips
May 15 Roundup
Presentation tips for your next Zoom meeting
How can you stand out in a virtual setting? Matt Abrahams, organizational behavior lecturer at Stanford Graduate School of Business, shares his top tips for presenting in a zoom meeting.
The most precious commodity we have in the world today is not gold, bitcoin or even toilet paper. Rather, it is attention. We are constantly bombarded with information. Nowhere is this more prevalent than in the many, many virtual sessions in which we are now participating.
Unfortunately, our audiences are easily distracted, and they habituate quickly. To counter these tendencies, you must diversify materials to keep people’s attention, with variation in voice, variation in evidence, and variation in visuals.
Vary your volume and speaking rate to help keep the attention of the audience and motivate them to listen. And by speaking expressively, your passion for your topic comes through.
Varying the type of evidence used to support the claims in your presentation is equally as important. Too often, presenters exclusively use their favorite type of evidence, over-relying on data or on anecdotes. But both qualitative and quantitative academic research have found that when you triangulate your support you provide more compelling and memorable results.
So, try providing three different types of evidence, such as a data point, a testimonial, and an anecdote. This triangulation neatly reinforces your point, and it allows your audience multiple opportunities to connect with your idea and remember it, which is why it’s a technique often used by advertisers to reinforce that you should buy their product.
By varying your voice and evidence, you will make the words you speak more memorable. But what your audience sees is also critical. Just as a monotonous speaker can cause mental shutdown in an audience, slides jammed with words can fatigue and distract an audience. Think visually to rescue yourself from the trap of creating verbose slides that act more as eye charts than helpful aids.
Variety truly is the spice of life and memorable virtual meetings and presentations. By varying your voice, evidence, and slides, you help your audience to stay engaged and remember what you’re saying.
Syracuse University launches Online MSc in Supply Chain Management
Syracuse University’s Martin J. Whitman School of Management is launching a 15-month online MSc of Supply Chain Management, in partnership with 2U. Julie Niederhoff and Patrick Penfield––who have been interviewed top media outlets on the impact of COVID-19 on supply chains––will be heading up the faculty overseeing the course.
“In today’s interconnected world, the importance of supply chains to the global economy and our collective security and well-being has never been more clear,” says Patrick––professor of supply chain practice at the Whitman School.
“At this unprecedented moment in history, when businesses, governments, and civil society are grappling with complex supply chain challenges, my colleagues and I look forward to teaching a new generation of leaders and problem-solvers who will help shape the future of this critical field.”
The new program will be launched this fall, designed to be taken part-time, STEM-designated, and deeply rooted in data analytics and digital transformation.
“The Whitman School is an innovative partner with a bold vision for the evolving role that business education can play in preparing leaders for the future,” adds president of global partnerships at 2U, Andrew Hermalyn.
Warwick EMBAs join the fight against COVID-19
Three EMBA students at Warwick Business School (WBS) have set up free of charge weekly online seminars for healthcare workers on the frontline tackling the Coronavirus pandemic.
Dr. Ali Mehdi, Mathew Sewell, and dentist Omo Akoje Okonkwo say they wanted to use what they’ve been learning on the EMBA to help medics like themselves during this difficult time.
“This series of programs has enabled me to become resilient and go beyond fear to learn and grow,” says Ali.
“I was motivated by the need to help medics in all roles to be resilient and lead during the COVID-19 crisis by sharing the learning at WBS through the network developed from it. It felt important to promote an understanding of one’s self and the environment that we function in to be able to deal with it, rather than just cope, which is the traditional approach.”
So far, 50 to 100 healthcare workers have been logging onto these workshops each week, but the three students hope more healthcare workers access the resource.
One for the weekend:
Connect with MBA admissions directors
The MBA Tour is hosting a series of virtual events this summer to connect candidates with business schools. Their intelligent matching algorithm distills recommends the best schools for you. They’ll make the introductions, give you access to exclusive panels and discussions, and help you network with admissions professionals, alumni and fellow candidates.